The last weekend was quite devastating for most crypto traders as Bitcoin dipped below the $9,000 support level. However, Bitcoin signaled recovery at the start of the week but failed in its attempt to return above the $9,300.
At present Bitcoin continues to struggle with the bear as some altcoins like Cardano, VeChain and XRP display an impressive outlook in the market, crossing new resistance at press time, raising again questions on whether the alt season has started.
Thanks to the effort of altcoins in the market, the market cap of the entire ecosystem has surged from below $260 billion above $270 billion. The growing effect of altcoins continues to be visible as Bitcoin’s dominance dropped from 64% to 62% within 6 days, giving altcoins the provision to occupy more spaces.
Meanwhile, with the significant surge presented by altcoin in recent times, many have concluded that the alt season may be around the corner.
Cardano Intraday Price Analysis
The aftermath of the Shelley mainnet launch has been beautiful for Cardano in terms of price. Cardano (ADA) continues to gain bullish momentum in the market against the US Dollar and Bitcoin. The cryptocurrency has been on a steady uprise pattern since the last 36 days, and at press time more than 20% has been added to the value of ADA against the US Dollar in the last 24 hours, as it maintains a price $0.132003.
Yesterday (July 6), Cardano surpassed the $0.1000 resistance level. While moving on the upside trend, ADA/USD trade pair has managed to surpass $0.1200 and $0.13 levels, including the 55 SMA on the 4 hourly chart.
Earlier today, Cardano (ADA) tested the 23.6% Fibonacci retracement level from the $0.0944 low level to $0.1385 high before a slight retracement was seen. Thus, Cardano is forming a major bullish trend line above the $0.1100.
Cardano ranks the 6th largest cryptocurrency by market cap. This, Cardano achieved after surpassing Tezos, EOS, Binance Coin (BNB), Litecoin and Bitcoin SV within the last 40 days.
ADA continues to rally on the upside trend with the aim of revisiting the $0.1385 mark.
VeChain Intraday Price Analysis
For the past few days now, VeChain has been enjoying tremendous rally in the market, however, the trend of the cryptocurrency today seems to be more momentous, as VeChain records over 24% added value against the USD dollar and BTC in the last 24 hours.
In the past week, VeChain also recorded a significant gain with over 110% added value, and the 24 hours trading volume of the cryptocurrency is right above $500 million according to CoinMarketCap.
In the early hours of the day, VeChain tested the $0.02 resistance level before dropping below. The Relative Strength Index for VeChain according to the 24-hourly chart shows that the cryptocurrency has broken the overbought zone with a current value of 80.5 that looks flattened.
The myriads of development and adoption updates rolled out for VeChain in recent times especially its effectiveness during the COVID-19 pandemic period and the solution it is offering people at this time could be a major reason for the surge in price.
XRP Intraday Price Analysis
Although Ripple remains a major choice in the blockchain industry for remittance, the native token of the Silicon Valley blockchain company fails to show its investors the gains they yearn for. However, the past few hours have been quite gladdening in the XRP community as the cryptocurrency managed to add about 9% to its value in the last 12 hours.
Starting from the $0.1687 low level, XRP began its upward trend, breaking a number of barriers in the market to reach around $0.1900 at press time.
XRP broke above the $0.1900 and $0.1950 resistance level to open doors for more up growth. The trend line of the cryptocurrency is also above the 100-day simple moving average, and a break above the 50% Fib retracement level from the $0.2151 high to $0.1687 low was also noticed.
If XRP breaks below the $0.1900 resistance level, a bearish reaction may set in, driving the coin to support area around $0.1800 level and a further failure will take XRP to $0.1750 level, else, more growth should be expected.